A Review of performance 5 years on

It has been 5 years since PAF was listed on the ASX. According to my calculations they have underperformed their benchmark by 62% since inception.

A review of their mandate states...

"The objective of the Company is to provide long term capital growth and outperform the greater of the MSCI All Country Asia (ex-Japan) Net Index (AUD) or RBA cash rate over rolling seven year periods."

I have done a little calculation to see how well they have done. The calcs may not be exactly accurate but they are pretty close. I have compared the performance to having invested in the iShares MSCI All Country ex Japan (AAXJ) as my benchmark which I would have bought in USD.

I accept that we are trading below NAV but even valuing at NAV with franking credits the underperformance is still 45% over 5 years. If I could sell anywhere near NAV I would do it in a second.